The stock priced at $17 a share – below an expected range of $18 to $21 – and opened at $16.75. Shares ended the day at $17.12 just slightly above the offering price.

La Quinta is tapping the public market amid a surge in initial public offerings, but at a time when investors appear to be souring on new listings. Its conservative pricing on Tuesday was in part a reflection of the choppy market.

Even as investors showed caution on Wednesday, the stock exchange was decked out in La Quinta regalia.

Traders received branded iPhone chargers and enjoyed a boxed burrito breakfast, as two purple chairs and a small table were set up on the trading floor to represent a La Quinta hotel lobby. The chief executive, Wayne Goldberg, rang the opening bell.

“We’re a great value at the pricing where we came out,” Mr. Goldberg said in an interview on Wednesday. “I don’t worry where we might be priced at the opening or any given day. We focus on the fundamentals and the things that we control.”

La Quinta raised $650 million in its initial public offering. The company is the third hotel chain to be brought to market in the last six months by the private equity giant Blackstone Group. Hilton went public in December, while Extended Stay America made its debut in November.

Blackstone did not sell any shares in the La Quinta offer and will remain the majority shareholder.